Business Hilights
Tracking Nigeria's Headline Business News Online

Accion Microfinance Bank deepens SMEs growth, disburses N61 billion loans to startups

Resilient and leading MFB, Accion Microfinance Bank says it has disbursed loans worth N61 billion to Small and Medium scale Enterprises (SMEs) since the company started operation in Nigeria.

Coming on stream in May 2006 and granted an operating licence by the Central Bank of Nigeria (CBN) in April 2007, record shows that it has disbursed N14.33 billion loans to 49,685 clients this year to make a total disbursement of N61 billion since inception, Managing Director, Bunmi Lawson, said at the bank’s yearly customers’ forum in Lagos.

Lawson was optimistic that despite the recession, the bank would expand into more states, launch products and provide employment in the coming year despite the slowdown in the economy.

The bank, which now has about 48 branches, Lawson stressed would strive to bring its services closer to users with the aid of technology and grass root agencies.

According to her “The number of (the bank’s) active loan customers closed at 46,152 in November from 43, 788 in 2015. Account opened also grew from 119,758 in 2015 to 142,261 in November 2016.”

One of the customers, who identified herself as Christiana Eshewa, said despite the economic slowdown, her business witnessed surge compare to last year.